All Forum Posts by: Ben F.

Thanks Bruce - I'm not suggesting anyone give anything away. My question was more pre-purchase which most are ignoring.  I wondered does anyone decide for or against a property in a situation like this...especially if their only 2 actions would be raise rent 50% or not be able to afford it.  Would you buy in this situation or pass?

Actually I appreciated the longer version fwiw. Especially the part that stated 60 days vs 10 years. 

Obviously I understand the concept of raising rent & apply it.  In general I don't consider raising rent to be screwing people.  I was wondering since these were so far under market when purchased - does anyone factor in the humans when purchasing a property like this.  Believe me, I want to make money too - but this type of scenario where you know you're going to have to significantly change something for someone - I wondered if anyone considered that.  First two responses tell me "no".  

Ok - so I'm rather inexperienced. But, do the tenants & their current leases & situation ever come in to play when looking at a property? I'm not saying people should be angels, or anyone deserves anything. I'm just asking the question- you knew these people were living here at a certain rate. You bought the property needing to raise rents. Do people go into properties knowing they're going to significantly change others life? Again, I'm not pretending to know right & wrong here, but this type of scenario seems like asking what is the nice way to screw these people I plan on screwing (since you bought it needing to raise rents).  Just asking about the human element. And this is a general question I've wondered, not really aimed at the OP.

@Jecarl Viray

They'll loan up to 70% LTV.

I can't remember what they called the product. It's actually a loan against the property. I'll check & see what they called it.

@Kerry Baird I'm sure I got the Key Bank idea from one of your lists - so a big thank you from me too.

Also of note, the investment property is in Florida but they're willing to lend against it even though we're in Indiana. 2nd note - they don't call it a HELOC.

I'm hoping to hear more this week. Stay tuned.

@Jecarl Viray

Hey I'm in Indiana & currently working on the same thing with Key Bank. While I'm in NW Indiana, my banker at Key is based out of Indy. Let me know if you want details on it. Good luck!

@Becky Brown

Like others have said, Gary is not getting better.

They've also mentioned the "nicer" areas like Miller Beach or Beverly Shores. Yes, there can be nice properties in there, but I find it hard to believe numbers would work considering it's not attractive to visit for half the year. When it's nice out, yeah it's brilliant. But winter - stay far far away.

I'm not into STRs at all, but that seems another red flag to me.

Hey I'm in Chesterton & looking for more small multi-family properties. Feel free to reach out & connect. Congrats on getting started!!

@Kerry Baird

Thank you so much. I had this same question for Florida.